How Enterprise Mobility is Transforming Finance and Banking Industry across the globe

Global economy has gone through paradigm shifts over the last few years. Banking and Finance known as the two most significant factors of economy, have also inevitably gone down the hammer of change and transitions. Traditional methods like customer visits to the offices have updated with the inclusion of mobile device operations. In the US, banks have reported to have 53% of mobile usage in customers. While in most Asian and European nations, customers have shown strong preference in using apps, online payment and transaction tools. According to a demographic survey, people in the age group of 25 to 35-year-old have been found to be the heaviest mobile device users across the globe (for banking and finance related actions).

Workplace environments have also transformed drastically with quicker engagement brought about by enterprise mobility. Some of the advancements that have taken place (due to enterprise mobility) in banking and finance domains over the years have been discussed here:

Significant transformations in banking brought about by Enterprise Mobility

Advanced mobile banking facilities have resulted in the successful journey of enterprise mobility. Some of the most significant changes brought about by enterprise mobility in in finance and banking sectors are:

• Technology-friendly customers using Mbanking services remain updated on the bank’s latest offerings, financial services and various together important details.
• Bank employees have upgraded themselves by using smartphone and tablets instead of desktops and laptops.
• Banks tie up with IT and mobile app development organizations to bring out apps that empower customers to carry out faster and more efficient account management across all locations.
• Numerous security checks make it easier for customers to continue performing secure banking and finance related transactions around the world.
• Customers use their mobile devices to execute important financial processes and actions through mobile apps and websites run by financial agencies and banks.

A yearly survey carried out by Bain & Company quite rightly brings out the actual facts and figures of mobile banking and its penetration around the world.

Source: www.bain.com

• Bain’s findings suggest a steep rise in mobile banking customers in the US from 21% in 2011 to 32% in 2012.
• Growing number of young entrepreneurs have given rise to greater shifts in mobile banking in the US.
• Asia has reportedly witnessed a high percentage of mobile banking’s penetration in the phase between 2011 – 2012.

There are more than 7000 US financial institutions offering specialized mobile banking services to their customer base. Industry insiders have suggested the percentage of smartphone and tablet banking for financial management to increase with each passing year.

In another report (a collaborative effort) published by Cognizant and Monitise, customer benefits, banking services, customer expectations and customer preferences are likely to undergo proper categorization to be carried out by financial establishments.

To sum it up enterprise mobility has spread its reach far and wide in banking and finance sectors. With continuous surveys being carried out the message seems to be clearer and louder – Banks and financial institutes need to keep upgrading themselves in order to get a stronger grip on mobile-friendly customer bases. Mobile banking and enterprise mobility processes are inter-connected and their collaborative efforts will reflect on global economy.

Senrysa Technologies has numerous enterprise mobility efforts and operations to its name. It has collaborated with private and public banks. Its own workplace environment is also in line with enterprise mobility quests.